Medinotec Inc. Files 2024 10-K

TL;DR

Medinotec Inc. filed its 2024 10-K. Check financials.

AI Summary

Medinotec Inc. filed its 2024 10-K report for the fiscal year ending February 29, 2024. The company, incorporated in Nevada and headquartered in Dubai, operates in the surgical and medical instruments sector. The filing covers financial data and business operations for the period.

Why It Matters

This filing provides investors and stakeholders with a comprehensive overview of Medinotec Inc.'s financial health and operational performance for the fiscal year 2024.

Risk Assessment

Risk Level: low — This is a standard annual report filing with no immediate red flags or significant new information presented in the provided snippet.

Key Players & Entities

• Medinotec Inc. (company) — Filer of the 10-K
• 02/29/2024 (date) — Fiscal year end
• 3841 (industry_code) — Standard Industrial Classification for Surgical & Medical Instruments & Apparatus
• NV (state) — State of Incorporation
• Dubai (location) — Business and Mail Address City

FAQ

Key Financial Figures

• $10,000 — company as a shelf company by injecting $10,000 into it on December 18, 2021. Medinotec
• $750,000 — volving credit facility to a maximum of $750,000. Innovative Outcomes would use this fac

Filing Documents

• mdnc10k_022924.htm (10-K) — 1484KB
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• 0001663577-24-000168.txt ( ) — 6679KB
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• mdnc-20240229_lab.xml (EX-101.LAB) — 252KB
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• mdnc10k_022924_htm.xml (XML) — 809KB

BUSINESS

BUSINESS 1 ITEM 1A.

RISK FACTORS

RISK FACTORS 24 ITEM 1B. UNRESOLVED STAFF COMMENTS 53 ITEM 1C. CYBERSECURITY 53 ITEM 2.

PROPERTIES

PROPERTIES 54 ITEM 3.

LEGAL PROCEEDINGS

LEGAL PROCEEDINGS 54 ITEM 4. MINE SAFETY DISCLOSURES 54 PART II ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES 55 ITEM 6. [ RESERVED ] 55 ITEM 7.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 55 ITEM 7A.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 62 ITEM 8.

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA 62 ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE 62 ITEM 9A.

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES 63 ITEM 9B. OTHER INFORMATION 64 ITEM 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 64 PART III ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE 65 ITEM 11.

EXECUTIVE COMPENSATION

EXECUTIVE COMPENSATION 69 ITEM 12.

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS 70 ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE 71 ITEM 14. PRINCIPAL ACCOUNTING FEES AND SERVICES 73 PART IV ITEM 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES 74 ITEM 16. FORM 10-K SUMMARY 74

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS Except for statements of historical fact, some information in this document contains "forward-looking statements" that involve substantial risks and uncertainties. You can identify these forward-looking statements by words such as "may," "will," "should," "anticipate," "estimate," "plans," "potential," "projects," "continuing," "ongoing," "expects," "management believes," "we believe," "we intend" or the negative of these words or other variations on these words or comparable terminology. The statements that contain these or similar words should be read carefully because these statements discuss our future expectations, contain projections of our future results of operations or of our financial position, or state other forward-looking information. We believe that it is important to communicate our future expectations to our investors. However, there may be events in the future that we are not able accurately to predict or control. Further, we urge you to be cautious of the forward-looking statements which are contained in this registration statement because they involve risks, uncertainties and other factors affecting our operations, market growth, service, products and licenses. The factors listed in the sections captioned "Risk Factors" and "Description of Business," as well as other cautionary language in this registration statement and events in the future may cause our actual results and achievements, whether expressed or implied, to differ materially from the expectations we describe in our forward-looking statements. We operate in a very competitive and rapidly changing environment. New risks emerge from time to time. It is not possible for us to predict all those risks, nor can we assess the impact of all of those risks on our business or the extent to which any factor may cause actual results to differ materially from those contained in any forward-looking statement. The forward-looking statements in this registration statement

BUSINESS

BUSINESS Company Overview Medinotec Inc. was registered on April 26, 2021, in the State of Nevada. With an effective date of April 26, 2022, we acquired DISA Medinotec Propriety Limited, a South African corporation, from Minoan Medical Proprietary Limited ("Minoan"), a company incorporated in South Africa, and owner of all the capital stock of DISA Medinotec Propriety Limited. We accomplished the acquisition pursuant to the terms and conditions of a Share Exchange Agreement under common control with Minoan whereby we acquired all the capital stock of DISA Medinotec Proprietary Limited in exchange for the issuance of stock at par value and the transfer of the outstanding loan account. This Purchase was concluded between Minoan and a local newly established investment vehicle of Medinotec Inc. called Medinotec Capital Proprietary Limited in South Africa after Medinotec Inc. registered the company as a shelf company by injecting $10,000 into it on December 18, 2021. Medinotec Capital Proprietary Limited serves as the acquisition vehicle for Medinotec Inc on the continent of Africa. Combined these companies now form the Medinotec Group of Companies. Our History Prior to the above, in 2015, DISA Vascular Distribution, an innovative medical device company that specialized in vascular technology for the treatment of coronary artery disease, was established. It was subsequently renamed DISA Medinotec Proprietary Limited. DISA Medinotec Proprietary Limited was situated in Cape Town, South Africa and had been developing stents for the international market since 1998. It has since produced high-quality medical devices through in-depth research and development capabilities ("R&D") and a total commitment to patient care. Today the products are sold via a network of distributor partners both in South Africa and internationally. A professional team consisting of our CEO and CFO was recruited to implement and execute the strategy, and an infrastructure of a large manufact

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View this 10-K filing on SEC EDGAR